New IRS publication helps taxpayers Get Ready for tax reform

The IRS issued a new publication to help taxpayers learn about tax reform and how it affects their taxes. Taxpayers can access Publication 5307, Tax Reform Basics for Individuals and Families, on IRS.gov/getready.

While last year’s Tax Cuts and Jobs Act includes tax changes for both individuals and businesses, this publication is for individual taxpayers. It breaks down the law in easy-to-understand language. The paper highlights the differences that taxpayers will see on the 2018 federal tax returns they file in 2019.

This new publication provides essential information about:

Increasing the standard deduction

Suspending personal exemptions

Raising the child tax credit

Adding a new credit for other dependents

Limiting or discontinuing certain deductions

Taxpayers can also go to IRS.gov/getready to find other information about tax reform including steps taxpayers can take now to help make filing their taxes smoother next year. Following these steps will also assist taxpayers to avoid surprises when they file their returns.

Share this tip on social media — #IRSTaxTip: New IRS publication helps taxpayers Get Ready for tax reform. https://go.usa.gov/xPyS8